PARIS (Reuters) - EDF's (PA:EDF) board has formally approved an offer by the French state-owned power utility to acquire Areva's (PA:AREVA) reactor assets, a key plank in the troubled nuclear group's recovery plan, two sources said on Tuesday.
The widely expected decision, valuing the Areva NP division at 2.5 billion euros (2.15 billion pounds), clears the way for the near-bankrupt group to raise a further 5 billion euros in new capital largely subscribed by the French state.
EDF declined to comment on the approval decision, first reported in Les Echos. The company is expected to make an announcement early on Wednesday.